Renewable Energy

Solar and Wind Power Are Bridging the Cost Gap with Fossil Fuels

New data from the International Renewable Energy Agency (IRENA) shows that renewables are becoming increasingly cost competitive compared to fossil fuel sources. Data on the global weighted average levelised cost of electricity (LCOE) from solar photovoltaics was 29% cheaper than the lowest fossil fuel-fired option in 2022, compared to being 710% more expensive in 2010.

Onshore and offshore wind also saw gains in cost competitiveness, with the cost of electricity from new onshore wind projects 52% cheaper than the lowest fossil fuel-fired solution in 2022, compared to being 95% more expensive in 2010. Offshore wind was 258% more expensive in 2010, but was only 17% more expensive in 2022.

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